FHA eases new rule on collections accounts

FHA Eases Rules on Collections Accounts By Sari R. Updated on 9/25/2013. The FHA (Federal Housing Administration) is now permitting borrowers to supply a written letter explaining their disputed collections accounts.This would be so that they can qualify for a government-backed mortgage. In other words, FHA will ease up borrowing guidelines for people who have disputed collection accounts.

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 · Private lenders issue FHA loans and the FHA provides the lender with a guarantee to reduce the lender’s risk. To get a loan, start with a local loan originator, online mortgage broker, or loan officer at your financial institution. Discuss your options, including FHA loans and alternatives, and decide on the right program for your needs.

That means I can have a defaulted student loan being reported to caivrs and NOT have to do a consolidation to get an FHA mortgage!!!!! I will keep this thread updated as we go through the process. I am waiting for a letter from the IRS showing that we are on a payment plan for back taxes and for new secured cards to post to,the credit bureau.

Collections – FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage. To mitigate this risk, FHA is requiring a capacity analysis of collection accounts with

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CFPB RULES ESTABLISH STRONG PROTECTIONS FOR HOMEOWNERS FACING FORECLOSURE . The Consumer Financial Protection Bureau (CFPB) is issuingnew mortgage servicing rules to establish. escrow accounts, collections, like Fannie Mae, Freddie Mac, the Federal Housing Authority, or the private owner of the mortgage – decide loan modification.

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On the first day of its new session, the U.S. House passed a new rule designed. The change was approved Tuesday 233 to 190 as part of a broader collection of rules which will govern how the House.